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tv   Power Lunch  CNBC  September 8, 2017 1:00pm-3:00pm EDT

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a great value play because they've got great dividend and low cost of debt and potential upside from net neutrality. >> you like energy i got less than ten seconds. >> yes, i think energy is a generational bottom. it's been tough because people hate them but energy krcredits have been good oil hasn't necessarily cooperated. >> that was 20 seconds, but thanks "power lunch" starts now. >> i'm melissa lee, brace aring for hurricane irma's wrang it could be a cat 5 by the time it hits. 120 to 150 miles per hour winds and storm surges 5 to 10 feet for all of south florida the final preparations under way this hour. a hack attack on a monumental scale, a data breach at one of the largest credit rating firms. how do you protect your identity right now. target shares are tanking,
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retailer slashing prices on thousands of items what this could be signaling about the company and its rivals "power lunch" starts right now >> i'm brian sullivan, stocks are mixed this hour but on track for first losing week in three weeks. the dow is the only major average that is higher meantime the u.s. dollar, the greenback weakening against most of the world major currencies, the dollar index now at its lowest level since january of 2015 kroger beating estimates but the shares getting pounded apparently because of aggressive discounting, chipotle taking another hit. zumi sext. soaring, a smaller than expected loss and beating sales estimates. >> good afternoon, thank you, brian. let's get you caught up on hurricane irma the white house set to hold a briefing in about 30 minutes
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from now the latest on the emergency efforts, we'll carry that briefing live. meantime the president tweeting, warning everyone in the storm's path to be vigilant and heed all recommendations from government officials and law enforcement. mean while, the house passes a $15 billion disaster relief package, the measure now gets sent to the white house for president trumt p to sign into law. let's get straight to hurricane irma jackie is live in ft. lauderdale, the calm before the storm and kate rogers live in statesville. we begin with wmaq meteorologist here at headquarters tracking the storm. >> we have a very active atlantic athis point we have two category 4 storms, irma as well as jose and you can see it right here and they are both category 4 but what i want to point out at this point is going to be the size difference here our focus is on irma
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and irma is huge it's a wide wind range as it continues to make its way towards florida. let's look at the watches and warnings that are out there at this point we've warnings in the purple color. so northern edge of cuba, all of the bahamas and south florida and the florida keys, hurricane watches which means hurricane conditions in the next really 48 hours for as far north as tampa and orlando. here's a look at the setup as we go into sunday with a hurricane here, you get counter clockwise rotation, so the northeast quadrant of the storm will have the strongest winds, which would cause the most storm surge spots from key larg go up to miami beach and west palm with the track its at currently let's look at the headlines of what we can expect as this storm marches closer to the continental u.s. florida making landfall, looking like sunday morning with storm surge up to 12 feet in some of south florida. this means that structures
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and -- they will experience major to even extraordinary damage mandatory evacuations throughout the state at this point from tampa down to miami. we'll keep on top of this for you right here at cnbc. >> kalee thank you let's get to jackie in ft. lauderdale where gas shortages continues to be a problem. >> reporter: good afternoon. here at this gas station, the manager told me he thinks he has enough gas to get about through this evening but he'll stay open until he sells out the gas story is one story as people are trying to head north and heed those warnings of evacuation to safety you mentioned the president trump tweet also the governor of florida, telling those folks this is your last chance, if you haven't gotten out, it's time to get out now. on the ground here people are pretty calm at this point, but the elements are starting to show signs of a storm. talking about the winds kicking
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up, we're not even within a coast allocation and you can feel it and there are sort of dark cloud formations that are starting to roll in. there was a shower a little bit earlier this morning in terms of other preparations, we have the retail chains that are bigger chains and we have a dunkin' donuts and wendy's still serving food anything small business has boarded up and put sandbags at the door i saw it firsthand as we were driving around last night. at this point most of the people we've spoken to have said we're staying, we're topping off gas tanks here and get to safety tonight. a lot of them shuderred andrew and are expected to make it through this stoerm as well back to you. >> thank you very much much of south florida under evacuation orders at this hour let's find out how business is bracing for irma's wrath joining us now is elizabeth
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mozin ski. let's ask where you are and how many of your residents have left >> thank you i'm up in homestead and live here and packing up my house as we speak we were going to hold out but we're getting out. key largo basically, most of our businesses have boarded up, if not in final stages of doing so. i would say most of our business people have left along with their families and few who are holdouts and also have a few people there for emergency needs as well. such the tou trucks and so forth to be there. >> as you probably well recall, homestead was really in the eye of hurricane andrew, so you're leaving there as well and heading north? >> yeah, we made our decision last night to be honest with you. it was really actually early this morning once we looked at what the surge is and where we're located,
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we're actually on an abandoned golf course called key's gate. we thought we have a lot of growth out here, we're seven miles and one direction from the ocean and 11 miles in another direction -- but after seeing the surge last night, this was beyond andrew, this is very serious and people really do need to take it seriously. >> we're showing video of stripped shelves and other things what do you see as you drive around town and/or go into stores and businesses. >> i'll tell you, one time is that i have to a the state emergency response team has been excellent on getting the trucks and fuel down to our area. that was some lines for gas and some gas stations ran low or ran out but most of them are full if not they are boarded up.
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our public pub lix and win dixie did have food on the shelves as of yesterday i was not down there but in contact with many people who are getting out of there and they said the publix was stocked full we should be fine. >> what do you hear about traffic heading north and -- or west >> traffic i would think on wednesday when the tourists had to leave and then wednesday night when residents were asked to leave and then on thursday, traffic was horrendous we had family members that actually left for orlando yesterday. four-hour drive took them over eight hours as they zigzagged across the state to get to orlando. mainly they were going in smart places to try to stop and get gas as they went knowing there would be shortages on the way up so basically, traffic now, the keys are pretty much empty the last bus left out of key westl l8:30 this morning. i would think they are on the
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way to shelters at the miami-dade or points beyond. the traffic is still busy, i'm getting ready to leave at 4:00 today, i'm hoping for the best. >> good luck and be safe and to all of your family and friends the same thanks very much. >> absolutely. thank you for having us. we have a great community to let you know, once the storm is over our community is such a wonderful group of people, we'll all pull together and will recover and move on. it's going to be great for tourist come january. >> thanks very much. >> federal reserve bank of new york william dudley weighing in on hurricanes and how they'll i am pablcket the economy steve joins us with what we need to do. >> bill dudley didn't think the combination of hurricane harvey and potential damage from irma would have a lasting impact on the broader u.s. economy but suggested it could have short-term effects including by the way on fed policy.
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>> i don't think they are going to have any meaningful effect on the balance sheet normalization decision it's possible they could have effect on the timing of short-term rate increases but i think that's probably further out anyway i would expect by the time we get to the end of the year in early 2018, you know, the transit tri negative effects of the storm will be over and starting to be seen some of the benefits of the rebuilding efforts in terms of boosting the economy. >> near term he might lower his gauge of third quarter growth a bit as a result of the storms, overall the potential devastation from irma comes as dudley sees the u.s. economy operating a bit above the recent trends >> economy is getting some help by the fact that one, financial conditions are quite buy yant and long term yields have fallen and dollar has weaken a bit. the rest of the world looking better. >> i asked about the vacancies on the fed and potential for a new fed chair, dudley previously praised cohn thought yellen
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would be a great candidate and there's a limit on how much they can change since all members follow a congressional mandate which is not changing. i'm not sure i agree with his sort of benign assessment there. i think if it comes straight up florida, i think the impact might be greater and longer. >> greater on this side long term and boomerang effect could be longer. >> you're talking about the fourth largest state, a trillion dollars of overall gdp and if you imagine that shutting down for a while, this may not be on the order of harvey which is a portion of the state. as bad as that was it was a piece of the state this one if it goes straight up the spine as is forecast, you can imagine broader more lasting impacts. >> thanks, steve, appreciate it. >> let's find out if hurricane harvey had any boom in the oil production dominic? >> what we have brian, oil rig counts in the u.s. down for the third week out of the last four. oil rigs are now down three to
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756 operating right now. that's about 342 more than the same time a year ago but we do see a rise in the number of gas -- natural gas related rigs, miscellaneous rigs are unchanged at 1 canadian rigs, up one to 202 overall. >> thanks very much dom chu. >> the massive hack attack impacting half of america's population 143 million customers data potentially compromised. what if you're one of those customers? we have the latest on the equifax hack and what you can do to protect yourself. that's next. ♪ stars belong to everyone ♪ ♪ they cling there for you and for me ♪ ♪ flowers in spring ♪ the robins that sing ♪ the sunbeams that shine ♪ they're yours and their mine ♪ love can come to everyone
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where you do business. ♪ ♪ >> welcome back. a massive data breach may have exposed information of 143 million americans. aditi roy has more from san francisco. >> there's already been one class action lawsuit filed in this case and many more likely to come. the new york attorney general's office has just launched a formal investigation other lawmakers are also demanding answers. this incident could impact 143 million americans, nearly half the country. the information accessed includes names, social security numbers, birth dates and addresses in some cases driver's license, 209,000 credit card numbers were breached as well. adding to the outrage, news that three of the company's executives sold nearly $2 million worth of equifax shares
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days after it was discovered the company claims the executives didn't know when they sold the shares. a source says they sused old systems, because it is kofltly to switch to a more modern system yet another twist, the company set up a website for customers who might be impacted. a source however tells me that site itself also has security issues so they are warning you just have to be careful before giving more information on this site back to you. >> thank you very much, aditi roy. for more on the he cequifax data breach -- this headline just crossed, house financial services committee will hold a hearing on data breach according to a committee spokesperson, this elevating to the level of a committee hearing. but going back to our guests today, chief information
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security officer, fbi special agent in charge of cyber and special operations in new york great to have you with us. >> thanks for having me. >> it's melissa, it's very confusing, i know. if you're listening to this, you want to know if you have been compromised in any way so you do what they say, go to this website. what does it ask you to do type in the last six digits of your social security number and your last name should you do that is that too much information in and of itself to put on some random website that you're told to go to and punch this information into >> i think that consumers should have a healthy sense of paranoia when it comes to providing information especially after a breach of the core systems so i would be hesitant to add any information that hasn't already been provided. given the number of records that have been reported to be stolen in this case, it's likely that every consumer has been impacted, either the consumer or
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someone in the consumer's family there's no need to try to figure out whether you've been impacted i think the safe bet is to assume you have and take appropriate steps. >> let's assume you have what do you do. >> consumers have beenreluctan to take on security responsibilities they wasn't a seamless and frictionless transaction that i think is on ent priszs to provide. we have to give the appropriate level certificate and total fraud protection approach is the way. we look at it from end to the other. >> i'm out here and want to try to protect what i've got so far. what do i do right now >> the first thing is to make sure you have an updated operating system, updated applications, keep your systems up to date most of the vulnerabilities that are exploited are vulnerabilities that have been patched and consumers are not
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taking care of the equipment they are using, whether it's a smartphone or desk top the next thing is to change pass words and make sure you have long and hard to get passwords that are not easily correct. if you do those two things you're well on your way to staying safe along with taking basic precautions to not provide information to websites. >> that sounds too easy. data is more valuable than money in many ways our personal information is something that's not insured we learned about 12 to 14-year-old servers, one step behind an internet fire wall calling it a cyber security incident on their website. do you think the executives face any liability here perhaps even criminally there's not been criminal liability in the negligence in protecting the system. there would have a higher standard to hold to a criminal charge there are steps that should be
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taken. we're seeing it in the class action lawsuits and increased e permanent oversight. so significant -- you are correct it is aging infrastructure that's contributing to the security challenge challenges security has not kept up with online retailing and banker we have scaleability and we don't have the same capacity and security we need upgrades in the infrastructure and upgrades in how security interest faces with all of the more modern systems. >> talk about what happens when data are breached this way you have 140 million records that have been compromised one way or another do we know how many people have lost money or been victimized financially because of it? in these circumstances, whether
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it's this company or target a few years ago or any of the pana plae of others breached, how many people actually then turn out not just to have their privacy violated in one way or another, but to have their financial status compromised by losing money. >> identity fraud results from the theft of this type of data and we see an increase in identity fraud across the board. so there's no doubt that you can trace back realloss of financial assets to the loss of this data. there's a strit line between a security breach and financial fraud. the real question is when you have this number of records, what else can an adversary do they take advantage of big data the same way government does so we have seen creative criminals out there. it's hard to predict what this number of records when you combine it with other open
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source material, what exactly this will lead to. the main concern for enterprises is how does this information affect their ability to deploy other security controls. the more i know about you, the more i can get into your system and this is the kind -- >> maybe i'm asking the unanswer arnl, when you have 150 million with records compromised what percentage of them, how many of them will suffer financial damage from that >> well, it's hard to say we don't have a good way of -- the united states doesn't have a good way of keeping record of crime data the way we do with other types of crime like violent crime. we have the uniform crime report to tell us how many crimes are committed each year in certain categories, there's no equivalent in cyber crime. it's hard to say exactly whether a certain number of records will result in a certain amount of crime. >> who do you suspect did this >> well the reports are that it's a criminal group but we've seen in the past this will
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records have worked with criminal services and yahoo! breach was an example of that. it only depends on the creativity of our adversaries and it may look like a criminal but the fbi and other agencies have dg a difficult time attributing these attacks purely to criminal groups there may be some intelligence service behind it. that's not been determined yet but we've seen that happen in the past. >> leo, thank you very much. we appreciate it. >> thank you. >> you've seen the pictures, empty store shelves as residents rush to stock up for the hurricane. we'll hear from the ceo of a major grocer in the southeast on how the company is dealing with the storm. that and more as we continue on "power lunch." another day of work. another round of all of this. why do you do it? why do you put up with it? it's not just a paycheck. you actually like what you do. even love it.
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thank you! goodbye! let us help with money and know-how, so you can get business done. american express open. >> welcome back to "power lunch. it's been a big week for many markets, particularly treasuries and foreign exchange, not necessarily distance traveled but where we're sitting. one week of ten shows you that down 11 basis points on the week look at one week of the dollar index, you can clearly see it's at 92.81 last week, hovering under 91.40, continue to hover at lows and we haven't seen since the end of '14, early '15. here's one you don't look at much one week of the euro yen, pay particular close attention to the 130 level, it stalled out a
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bit but at the lofty level against the yen. the chart nobody is talking about but everybody is looking at, the dollar versus the chinese currency the yuan, we're trading at the lowest level since the spring of 2016 there's a lot of trade issues involved not only with that currency but also what's going on between the euro and the end. think auto industry there. sully, back to you. >> thank you how retailers are making sure the supplies you need are getting to the stores in times of need. behind the scenes look at how lowe's is trying to accomplish just that. plus, trying to keep $25 million worth of cars safe during the hurricane we'll show you a building which may be a model for the future icarndt just for the very ri ch stk ou
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>> i'm sue herrera hurricane irma has battered and damaged every caribbean island
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in its path. there was widespread devastation on the french island of st. martin where nine were killed. president trump delivering a videotaped message on social media. >> this is a storm of absolutely historic destructive potential i ask everyone in the storm's path to be vigilant and to heed all recommendations from government officials and law enforcement. nothing is more important than the safety and security of our people >> nasa taking satellite images as the category 4 storm heads for florida. it's expected to hit southern florida early sunday morning with storm surges reaching up to 10 feet on the coast florida's emergency management division says nearly 6,000 people are already huddling in shelters a long line of people gathering outside an evacuation center in miami as residents are heeding the warnings to seek refuge from this storm that is the news update this hour, we'll watch that storm all
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day, back to you. >> sue, thank you very much. meantime, as the south continues to prepare for hurricane irma, lowe's is making sure their stores are well supplied live in statesville, north carolina with more hi, kate. >> reporter: hey there, tyler. this is one of the 15 regional distribution centers lowe's has around the country in statesville, north carolina where they've been prepping for hurricane irma about one week now. as you can see this facility is absolutely maszive it's 1.6 million square feet they say you can fit 31 football fields in here and while you can see it is very highly auto mated. there are about 1,000 employees working around the clock to make sure crucial supplies like generators and gas cans and also plywood and water and more get to the stores that need them what's unique about this facility, not only are they prepping for irma, but dealing with the aftermath of hurricane
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harvey >> the most challenging thing is simply the coordination and logistics of moving the product. we have 15 strategically located regional distribution centers, roughly 1.2 million square feet each we're able to move from d.c. and shift the flow of product in >> so far they sent 2500 truckloads of supplies to stores in irma's path about 1700 truckloads of supplies to those impacted by harvey right now lowe's is saying 170 of the stores in the florida region stand to be impacted by irma they are going to begin closing some of them this evening. some tomorrow morning. they'll have all of that information on the website but everyone here is really working around the clock to make sure people get the supplies they need during these crucial times. back over to you. >> so needed thank you very much, kate rogers on that van or cart. let's check on how the grocery stores are gearing up.
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president and ceo of southeastern grocers, more than 700 grocery stores in seven states including florida and georgia and carolinas and more than 300 in florida specifically good to have you here. >> thanks for having me. >> i have to imagine you're trying to keep the stores open and supplied to people who are desperate for water and battery and foods, et cetera can get them at the same time, you have thousands of employees who are worried about the very same things and boarding up their houses how do you manage those two things you're trying to achief >> you're right, it's a balance between associate safety and serving our customers but the primary thing to take care of is safety we will close down the stores as and when appropriate and while still serving customers, we've shipped and delivered over 4.4 million units of water over the 24 gallon, which is 20 times what we would normally clideliv to our customers but it's a balance.
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primarily safety for our associates and trying to help our customers as much as possible. >> what are the principle brands in the region? >> we have four. win dixie's harvey's and buy low. >> when you talk about the water you're trying to bring in. i don't know if you heard the previous interview kate rogers did with the lowe's chief operating officer and talked about how difficult coordination of products and logistics are. tell me how that works. >> well, it's really our associates that are the greatest asset, a supply chain folk have been working through the clock the miami distribution center we've had people working 15 and 20 hours a day the management has been sleeping there overnight. actually, our mission support center here in jacksonville and our i.t. centers now housing the national guard and so it's just all about the logistics and our
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store operations, logistics and merchants are doing just a fantastic job serving our customers through the supply chain. >> do you have more shipments coming into your stores in florida? at what point do you think given all of the forecast it is time to shut down because you're giving people very little time to get their things together and evacuate. >> we -- again, we do have shipments coming in. the issue is the amount of volume we're trying to push and obviously now the roads are getting very, very heavy with evacuations. but we will -- we have a -- we're obviously trained and experienced in natural disasters both in protection and recovery. so we're cognizant of the time we close the stores the safety of associates is para mount. >> anything you can prevent people from hoarding
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they have to look after their own families but you see families going in there and buying ten cases of water and so a family a couple hours behind them doesn't get any it's not your responsibility, i understand that, but is there anything we can do to make sure that it doesn't happen >> we -- as you say it's not our responsibility but we try to monitor it we had 12 pallets of water delivered to a store locally in jacksonville and gone within six minutes of each other. we had water delivered to store support center and two cases per associate. we try to use common sense wherever we canand hopefully human behavior does the polite thing. >> besides water, what are the three items that everybody walks out of the store with under circumstances like this. >> typically, it's water, bread and bananas and milk but obviously there's a larng push
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on cereal and cans and cookies and more on the nonperishable side, batteries and candles and first aid kits as well. >> do you raise prices on anything in order to let price clear the market >> absolutely not. i think that is absolutely the wrong thing to do. i think it's unethical to gouge. we've heard of some of the competitors doing that but my team and i have absolutely said we will not raise prices whatsoever. in fact we stopped price rises. >> anthony, we wish all of your associates safe and health and well being as we watch this thing come through over the weekend. >> thank you very much >> the ultrarich have access to a lot of things that most of us don't, including safely parking their cars during storms miami's 60-store porsche design tower was built to withstand hurricanes and safely housing $25 million worth of super cars during irma. joining us now is the developer of the tower and president
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thank you very much for joining us >> thank you for having me. >> this tower was built to withstand storms like irma, you have multimillion dollar cars in there. is there any way to remy indicate something of this nature for a price that would make it more accessible to more people >> well, you know, the intention of the tower was not necessarily to be parking cars in hurricanes we were building a konds min yum tower that was a lux tower that we recently accomplished and finished in march. people started moving in and what happened as a cause of this hurricane and friends getting together my good friend the owner of the local lamb borg genie asked can he store the cars sure, no problem the building itself was built post an drdrew and part of the w code and going to be one of the safest places during the hurricane. >> why was different about it
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if you're not familiar with the codes post andrew, as i'm not, what makes it so safe? >> the building is all glass but we have high impact glass that withstands category 5, 180-mile-per-hour winds. all of the new buildings are putting the same kind of glass in miami the glass itself is similar to what you see on a wind screen of a car. it doesn't shatter it will speeder web if it breaks and putting the cars above the 70 feet up in the air, first apartment, takes out any chance of getting wet or getting cars flooded or having total loss of real expensive vehicles. >> i'm confused. you're putting the cars in people's apartment or these are apartments designed to house cars, they happening to going into the building because of the hurricane? >> elevate named the dezirator that takes the car and passenger up to the apartment and parks the car ajas ent to their garage
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or unit. we have 132 apartments, six left to sell. we have a penthouse where the dealer -- we have 11 spaces in the penthouse and he parked some of his cars. we have an elevator system inside the building that brings the cars to the units -- >> as far as you know, gil, are residents staying put? they are in one of the safes building in the area where are you going to be? >> i'll be right there i'm -- >> what floor. >> the captain goes with the ship. >> i'll be at the top floor so we know we won't get flooded and i'm sure it's going to be a spectacular view from there. >> there was a moment though, a time period when they were talking about the winds being up to 220 miles per hour when this thing looked like it was add its worst. did you start to sweat when you heard the numbers? >> we started to think and see i've been in miami almost 20 years, i'm not trying to down
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play it but seen almost near hits and this and that the aftermath is worse than the wind but i think it's important to be around to make sure we batten down the hatches. >> i assume you have other buildings that may have been built preandrew or prethenew building codes if the building gets destroyed is there a silver klelining youn claim the insurance and rebuild to code? >> fortunately the buildings that i've built have been after andrew started in 2000. but i don't think there's in silver lining when dealing with insurance companies unfortunately. >> but for the developer. >> for the developer, we are typically out of the building mean the building has been turned over to an association of owners and they own the building i've built in the past six buildings with donald trump. on the beach and those have all been sold out and turned over to the association. >> talk to anybody in the trump organization as this storm approaches >> you know, i reached out but i
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think they are busy handling bigger issues. >> do you have liability on the cars if for some reason they are damaged during the storm >> i asked my friend to just give me a piece of paper saying i don't. the windows will hold up and raised up above any wave crest i don't think we're going to get wet. >> do you think the media is making too much of this? >> there's definitely -- you can't underestimate what can happen nobody knows exactly where it's going to come. i've seen how we've built our buildings and feel safe. although there might be a storm surge and water all over the place, the buildings themself will be an extremely safe place to be. >> best of luck, gil. >> take videos we'll have you back. >> absolutely. >> thank you >> let's get down to meg terrell with a market flash. >> a pretty interesting story, check out shares of allergan on an announcement about patents around one of the big eye drugs restasis, it's amazing when you
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digs into it they've announced they transferred the rights to the saint regis mow hawk tribe because they are facing patent challenges around the drug one through a system through ipr, you may remember that from a couple of years ago. apparently, this native american tribe has sovereignty -- sovereign immunity around ipr challenges and going to seek to dismy this patent challenge. allergan will pay $13 million up front in exchange for that, maybe $15 million a year in royalties around restasis to get this potential challenge dismissed here i just spoke with the ceo and he thinks this is the first time this system has ever been used in this way. they are basing it on some uses before in universities having that sovereignty here. they say importantly this does not get all of their legal challenges off the table they are still dealing with
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challenges through a more traditional system and pursued this here with this tribe in order to avoid what they call double jeopardy. up 2% on this news back to you. >> thank you very much i don't know anybody named irma. a lot of people don't nobody somebody named irma, but she's closing in on florida, threatening to wash away buildings. final preps under way. we'll talk with the acting rranceerexiol r of the natna huice nt nt. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and.
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irma is set to make landfall on sunday. all of florida remains in the storm's path what should we expect from this massive hurricane? let's bring in mark demaria fro the national hurricane center. i'm going to let you take it away here but one of the things that stands out to me is that the risk is not merely for the keys and for the east coast of florida, but also potentially for naples and fort myers up and on the west coast. explain why and how.
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>> okay, well looking at the satellite image you can see the extent of hurricane irma continuing its west-northwest motion and we expect that turn to the north tomorrow into sunday and we're anticipating the storm to go through roughly the center of the state and in fact the track is shifted to the west but because of the large extent of the hurricane winds, roughly 150 miles across we expect a significant impact from wind on both sides of florida. the southwest portion of florida is especially vulnerable to storm surge because it's very flat and shallow the threat to southwest florida in terms of storm surge is increased and we're anticipating storm surge values 6 to 12 feet in that area. >> some of the insurance stocks have recovered today because of what you just said about the shift to the west, meaning that the center of the storm goes up through the center of the p peninsula and hence less of a
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direct hit on miami and less of direct impact on the big dense coastal cities should those insurance -- sorry we've got to interrupt you, we have to go to the press briefing with sarah huckabee sanders and tom bossert. >> can't add too much more to that let me jump in a little bit to my thinking i like to try to categorize my thoughts on informing and inspiring if i can. the federal government under president trump's leerdship and leadership of this cabinet is fully engaged but fully engaged in support of the governors. the governors are engaged in different forms and phases of what we consider incident management as i walk through irma, let me stop -- would be remiss if i didn't and talk about texas and harvey so governor abbott and i have been in close contact and haven't stopped that contact because his people in texas and people of louisiana under
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governor edwards are in involved in the early stages of what will be a long recovery effort. the people in the u.s. virgin islands and puerto rico and other caribbean islands affected by harvey already in the middle of acute life sustaining response operations. and what we're affected by irma already. what we are seeing in florida and georgia are the final stages we are seeing all three playing at force at the same time. it requires us to juggle our thinking, it dmouts require us to juggle our resources. to be clear, the response operation have seized life savings and sustaining our forces have been moved out and reposition for harvey and we are employing them in the i loo island to save lives we'll maintain the same foot posture to do the same in florida. i would like to see if i can
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reenforce that by taking this seriously. it is not a dangerous storm, this storm has taken looiives already, it is going to take more please take it seriously, i suggest in terms of influencing that people stop watching and carefully track and start thinking seriously of getting themselves in a safe place and how dangerous it is. i don't want them to take that as a call for evacuations. listen to your authorities, they are carefully coordinating and looking out for your best interest it is a large storm, you need to start thinking through your personal accountabilities. please make sure it is kind of a mass theory and take care of yourself first and take care of
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others take care of your loved ones and strangers in need. that's something we see in texas and i have every reason to believe people in florida and south carolina there is a lot of coverage of florida but not necessarily media coverage of the u.s. virgin islands i will give you a brief update on where we stand there. i just talked to the department of state and the department of defense officials, engaging in this life saving sustaining operation in a following way governor matt is experiencing loss of power and loss of water as a result. and some other shelter needs we are doing that in saint martin we are in the final stage of plan to evacuating those
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patients, that was our planning assumption parameters. those american citizens will be removed by air means, we'll have to do some adjustments for surf conditions for winds and hurricane jose as we look forward to that. hopefully, not missing the united states and it is cause havoc in the islands and of our evacuation operations. that's where we stands on that we'll include anyone with critical needs i will stop on the update and i will take your questions >> tom, what are the big problems of the floor and evacuations and gas stations are running out of gasoline. what if anything the federal government is going the next 24 hours to get more fuel to people in florida
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>> i should stop and mention the names of our staff tremendous confidence. i got every confident in the governor demonstrating all the skills and effort that you saw in texas what we are seeing in florida is fuel shortages we saw the same fuel shortages in texas because people appropriately gassing up their generators and cars and so forth. what we are seeing is a need to pull in additional fuel and that may run up on the onset of traffic storm. we are bringing as much supply and refine fuels as possible waved particular statutes that he wil helps on that. the homeland security waived that act only u.s. vessels can move fuel
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frs poi s from point to point. we freed up those prohibition. many ships and tanker ships are possible are being brought on the effort to bring as much fuel as possible. that's the best we can do in addition, they're planning all the mobile points of getting trucks to those tanker ship. port loelcations in the gas stations that's what we are doing i don't think there will be too much point we'll get in. it is a message of clarity and honesty. at some point, people are going to be on their own and so to speak of the flooding and the raining and the wind bearing down on them they need to be prepared if they are in that path and taken some action to get themselves in a less dangerous position and ready for a 72 hours period.
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that's my advise for them to have enough food and water and shelter. we have predeployed and prest e prestaged. we cannot get to that point of care until condition improves. >> fema have resources and broken chain there, the president needs to sign the legislation, any indication when it is going to happen? >> i would like to thank congress, they came in a fast way of giving us the emergency funding. fema still has the money that they need. there will be a break in operation if they run out of money. we anticipate, this is a realtime event the bill maybe on its way right now and requiring and senate leadership or the vice president and signature by the president
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of the united states i think that'll happen today but as soon as we get it, the president is going to take it seriesly seriously >> how does it complicate emergency response as it moves up the state to floridians who are veterans of hurricanes and sometimes they have the tendency to say i can ride it out. >> some people call it hurricane amneshia there were four major hurricane in 2004 and wilmer was forgotten because of katrina if you have not experienced it, take it seriously. please recall what i just
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described what took place, you are without power and water and sewer treatments and plan for that in terms of the track, there are three considerations upper right north eastern quadrant of the storm packs the most punch the water tends to keep its strengths a little longer. this thing moving left and right, it can affect our operations because it can affect different parts of the state in a different way, wind or flood it is going to tell us which one we'll face, we are planning those three and the worst case scenarios of it, if it dips down and moves west it seems within certainty that at this point, from tampa and jacksonville and miami, please
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plan accordingly, evacuate, listen to your local officials and tracking it closely. do prepare to be in the storm's path just in case. that's how we are doing it to answer your question, major, what we are doing is in places supporting the islands fema have thought to place supplies elsewhere so they can continue barge operation and the next storm does not affect the storm before, does that answer your questions >> the big question is after the chemical fire that occurred in texas and we are being taxed of the second storm is there extra precautions being taken and making sure that type of things does not happen and how tax is the system for this and jose coming in >> well, the system can be taxed in different ways. i address the life savings and
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capabilities that we have, and marshal government provided by the states they are arrested and refit and ready to come back in the fight and national guard and title 10 enforces. we are preparing for environmental losses as we should and i cannot speak to each and every company, preparation efforts as i stand here, we'll continue to monitor that and follow up with you. there will be steps taken setting down the nuclear facility to a position safety, i think they take some kind of warm shut down and some point depending on the track we'll be monitoring those thing is i was comfortable of the position of most of them that'll be a big flooding risk >> is there anything that you are not comfortable right now? >> where he worried of fuel shortages. no, to be honest with you, i am
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setting expectations here. you got people recovering from harvey and resources are not on the way, at what point do you worry that resources are being stretched to thin and not going to happen. as the chief of staff, general kelly says the federal government should be tiebl walk and chew gum at the same time, he's absolutely right. we had cabinet meetings here today and yesterday. i am comfortable in our ability and capacity as leaders and as institutions to handle various different things that come our way. i am extremely comfortable of president trump capacity to do so and he's demonstrating to juggle these issues on a
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complexity and including today i do worry about final resources. i think president trump deserves a lot of credit for putting that together over the last 48 hours. act and do what's right instead of quivering of not tend to get in the way of execution of services and so. in this particular case, we'll have to go back for additional resources as these storms continue to hurt our states and citizens we are taking a responsible course of action and asking for the money and reassessing of getting better estimates so we won't over estimate.
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we are basing of information that we are finding. >> there is still a question of what happens to daca recipients in the military. can you explain why there is a delay of these folks of what's going to happen and when they maybe able to expect to answer >> i can tell you the president put it back on congress and ask for his priorities to be met and solutions. i am not sure what the answer is to be on the military on daca. i will find them and make sure the get back to you on that. >> tom [ inaudible can you talk about whether you are reconsidering that or
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putting back the regulations or drafting new regulations that would toughen backup of the flood regulations given we'll be facing a lot of those issues of both of those places recovered >> i won't accept the premise of the question but i will answer the spirit of it it is not about tough or not tough, it is about smart or not smart. the answer here is that we should not use federal money to rebuild in ways that don't anticipate future progress we need build back smarter and stronger against floodplain concerns when we use federal dollars. what would happen with the president's infrastructure, that had a broad ranging and over reaching scope and construction perming and at the time we rescinded it, we did so in the hope of expediting infrastructure of this country, it is a smart move for what it is worth now, what we have to do is replace with thoughtful whether
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it is executive order or regulations or both for expenditure and federal money and making floodplains i should point out two things here that executive order have not turned into a regulation yet nothing in this storm would change will we react or did not act. it was not an immediate thought through steps and secondly, whether we put forward an executive order or not we do have a latitude of the current set and other laws to put into these rebuilding practices and texas and florida, appropriate flood practices. we need to think through how to c codify that. >> on monday is of 9/11. what is the threat level and what is the administration doing as it relates to leaning into the tragic anniversary
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i was motivated of service on that day, that's why i came back again. since 9/11, i received comprehensive pictures of the terrorist threat environment and what we are doing to counter it. i think on monday we'll do this and give the timing to you he will do that, that's a practice that we started since 9/11 president bush and obama maintained that practice and president trump plans to do the same i will plan the team's event and scheduled events for attending the ceremony and paying respects i encourage the administration fanning out and giving appropriate speeches, and not talk too much about policy, it is a day to remember and
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respect. >> as of right now we are going into 9/11 and with the vulnerabilities and the threat of the nation. >> second, there is no actual credible threat to the united states right now we run those regular risk and meetings here at the white house and we bring together the entirety of the intelligence committee when we do so. there is no current, actual threat terrorists against home la land, we'll continue to track that >> are you monitoring beyond the issue of supplying gas and ma making sure it is data babbase
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>> i would ask you to remember one thing the refineries, at least five or six of them in houston are still down we got a refinery issue on one side and we got increase demand on the other side. that's necessary generally is going to raise prices but it is a short term prices spiked in our experience we'll try to differentiate that from gouging for right now, floridians are pretty well are use to this. they are well prosecuting that in florida, the opinion that i have to issue, too many warnings from this podium again, in case anybody miss me last time, gouging will not be tolerated, period let me see if i can come back quickly. i know sarah is here and has a lot to do. governor matt and rosario and mcmaster and scott of florida, and abbott in texas, you are all
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our customer base right now. you will set our requirements and as americans we'll get through this i have started influences and inspires and i am certain the country and people of texas showed us what compassion is all about, i am sure floridians and south florida is going to step up lets say a little prayer for them and i will come back and speak with you thank you very much. >> thank you, tom. >> we have been listening to homeland security tom bossert from the white house sarah sanders is right there resuming the briefing. he was urging people to obser observing the evacuation worord. the state governor will do anything they can to help and look into ways to get more fuel into flasz a into florida and helping those evacuees making their way out of the state ahead of land fall joining me now is katy fox,
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miss fox, thank you for joining us on what i know is extraordinary busy day you had three things to deal with you have hurricane harvey and irma and maybe hurricane hello ve hello -- jose, how do you do it? >> we have commodities and teams positioned all across the united states in anticipation of irma, we have our team are engaged and on the ground working with the states there, keeping the recovery going there. we are asking folks take individual steps to make sure they are as ready as they can be download the fema app, its got emergency checklist there for food and water and medicine and other emergency supplies that you may need it gives you access to national weather alerts those can keep you safe and its also got access to any shelters that maybe established in your area >> the latest tracking data
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suggesting the storm have wobbled a little bit west and may hit right on the toe of florida as oppose to a direct hit of miami that's good luck as miami is concerned. it did hit a couple of american territories in the caribbean the u.s. virgin siislands, what can you tell us of what you know of the state of things in the virgin islands, saint thomas and st. john and puerto rico >> there is a huge amount of devastation in saint thomas and u.s. virgin islands in particular we got search and rescue assets there and operations ongoing i was in hospital evacuations as well there is damages in puerto rico, it looks not severe as the u.s.
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virgin islands assessments are under way. >> where do you get all the people are all the people on staff all the time or are you hiring additional workers here or repurposing managers who would do one thing it is not often that we get three -- last time was katrina and rita and william we had three in a row, what do you dou in a situation like thi? > >> there is situation in the past where we are hit with consecutive storms the answer is yes, we are doing all of those things. where he staffs working with territories all the time we have headquarter staffs and many of them have been deployed out to areas that's hardest hit of texas and anticipation of irma hit to the united states and the u.s. virgin islands and
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puerto rico as well. fema got a reservice work force that we call to action when we need them. we are bringing additional folks aboard we are using a search capacity >> where are the majority of fema workers of katy going to florida? >> right now we have some of our management assistant teams st e stag staged we got folks positioning along the eastern sea board. as soon as it is safe to send the rest of our team in, that's what we'll do. >> so you know we'll see where the storm hits and where our personnel is needed the most and get them there as fast as we can
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>> thank you katie fox lets go to orlando, jackie deangelis, jackie, you are first. >> reporter: good afternoon, most of them are hungkering dow here this gas station operator told he had about 10,000 of gas this morning and midday he got half of that. he will stay open as long as he has gas and the weather permits. other measures are being taken tarn around the city as well. time is whining down earlier the chains were opened and the donut shop is bordering down and closed.
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you can see i-95 is moving nicely people are telling me they have putting faith in god and hunkering down and weathered storm like this before hike hurricane andrew it is difficult to believe that a storm of this magnitude that's going to come through with the winds that's predicted we are seeing light winds. it is 90 degrees and sunny out at this point. people are saying, maybe for some reason by sunstroke of the universe, it will not hit the way it is predicting, guys i think that's wish full thinking at this point >> yep >> jackie, thank you, jackie deangelis. lets goat morgan brennan, she's live right now >> reporter: just a little over 24 hours from now, this theme park, sea world is closing down
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for business the company is closing down at 5:00 p.m. and it is going to stay close on sunday and monday, it is one of a growing list of top orlando attractions that are putting con forttingency plans place. disney world is going to stay open for the weekend except cancelling some night performances it is monitoring the weather and it says quote, reque"we a taking numerous measures at this time to keep our guests at the top of mind and cleaning up and tieing down lose materials of potential adjustments of park hours and preparing protected areas for animals if determined to be necessary. one thing is for sure, all of this business interruptions and
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even forbids if you see any of this sustaining any kind of damage from this coming hurricane, that could be a big impact potentially on the local economy, remember they welcome 68 million visitors here last year alone >> if they don't want to go. it is going to be a big one. here is what's coming up for "power lunch." how companies are preparing for the storm and what's going happen to all the expensive miami real estate. 143 million people are exposed in equifax breach. do we need new rules protecting our citizens all that and much more coming up on "power lunch.
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people are going to get paid even though the offices are closed so they can focus on their safety once we do that, then we start focusing on business continuity. we are redeploying associates that are critical to ongoing support to those locations we do have digital switching so if they come in, they can go to our center and be handled and taken care of. >> what are you doing during the storm? where are you now? >> i am heading to the northeast. management splits up so we are assessable in case of an issue happens in another center. and so in our disaster recovery,
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we have a few sites. our sever is in denver we have a charter flight leaving with large groups of people. >> are you leaving paul, you are in tampa. >> sta. pete >> saint jetersburg. are you leaving because you are concerned of this relative new path of the storm that could risk the west coast of florida more, have you planned to leave prior? >> we have plan to leave prior, you are right, it is following up the east coast track, we don't wish the track on anybody. we would have moved the people out of headquarter office.
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we are always there on the side of safety. we have made decisions to deploy and our charter flights for example could have been stopped since it was clear and going east now it is going left, it reaffirms our decision that we are better safe than sorry the track should not be, it will be damaged all over. going further west and up the coast, it would be very difficult for our area it is just better safe than sorry. it is better that employees stick around and just head out the state and to stay safe those redeploy, -- >> paul. as people as customers of reymond james are redeploying themselves are evacuating. thankfully, a lot of things are electronics these day and a lot of documents are electronics are there any documents that you say you need the hard copy
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they'll make life a lot easier if you have this piece of paper in your hands, should everything else be damaged or destroyed >> well, yes, there is certainly electronic records of all the documents and so we are fine our hard documents and certain places and most of them are in water proof. we are not as worried about loss of information >> but, for customers. >> customers who are evacuating their homes of financiand they'g their financial advisers, what do i need? >> your financial records are recoverable electronically >> you said when you redeploy employees, you redeploy their families and pets, are you putting they will on the charter flights, too >> i am loyal to the company and
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i am going to be there but i am going to leave my family behind in the storm i can take everybody a long ago of our recovery plan is if you volunteer, we'll take care of your whole family and making sure you are safe and comfortable while you are helping us through this period of time, we know your family is safe and you are not worried about what's happening at home what happens to their home, i live on the beach and i put down the shutters and i will see and i will come back >> how much does all this cost you, do you have any idea or d you care >> i cannot say that i don't care, it is secondary. we got backup hotel rooms for people that if they cannot evacuate the last minute, we have hotel rooms for their safety first and for most is safety we try to balance that out we veered on the side of spending money and making sure people are safe. that's a lot more important than the rest of us
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>> raymond james stadium, do you have any responsibility for that or are you worried about that? >> i am worried about the family and the bucks, we are not an owner, we are name rights. i am sure people will be back playing football soon enough that have not crossed my name >> got it. just silly journalist. >> thank you paul reilly, good luck to you and your employees and family more now, hurricane irma is pounded the caribbeans saint martin is suffering devastation of epic proportions. that's next on "power," rebuilding fl ares etfs are built around the way investors think. with objectives like building capital for the future,
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many people in the caribbean are trying to get in touch with loved ones the ceo of south caribbean, vanessa, i know it is an incredibly busy time
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i hope all your friends and family are okay. thank you for taking the time to update us. what is the state of cell phone service in the caribbean right now? >> okay, first of all, thank you for having me on the show. it is important to -- enough said, the damage of these items are unprecedented. there is a lot of recovery works to get to. it is going to take weeks or months to be done for recover. on the back of this, hurricane jose is going to hit in the next 24 hours that's upgraded to category 4 everyone has our eyes on it. this is unprecedented. we are preparing for the next hurricane here >> if i am listening right now in the united states and i got friends or family some where in some of these parks or where
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ever it maybe and i cannot get through her or him, when do you expect cell phone service will be up and running? >> okay, i cannot give you a time line. people have been deployed on the ground and all the markets the work continues and everything is done we have services and coming up we have saint martin is backup and turks & caicos is backup we are working hard for services to be backup later on and tomorrow morning before jose hits the message here is we are on the ground and working hard and doing everything possible to restore these services >> where are you now and what kind of phone are you using and where were you when the storm hit, what was it like? >> well, right now i am jamaica
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and jamaica is the command center for the emergency and response for the purpose of irma we have all of our cos in each country and all of our teams have stayed and nobody have left behind we are staying there to make sure that immediately when the storm passed, we'll get back in repair >> what is it like in jamaica now, no effects or what? >> we are further south. >> too far to the south. >> it is choppily waters but we are fine here and but you know we know storm conditions is continuing and turks & caicos island the storm conditions are still continuing on track. >> you are getting a lot of help from around the world from what i understand
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>> yes, at&t offering free services to people calling the islands and here at digicel we are working and establishing what we need so we can activate help accordingly >> vanessa slowey, ceo of digicel, good thoughts for you and your family and friends and everybody down there, jose is on the way. >> thanks. >> your top corporate story, a massive credit report story, equifax of personal information of 143 million americans may have been compromised.
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joining us to talk about this and whether the government need to step in here is senator warren, thanks for joining us. >> thanks for having me on >> the bank is robbed and the bank is not responsible. the money is ensured right nowdata maybe as or more important than money, do you in the early stage foresee some kinds of liability for equifax given of what we have learned f of -- and which they were hacked for 143 million accounts >> this equifax breach is at least a category four if not category five cyber hack 143 million americans, you take out folks who don't have credit
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history, younger people, you are talking about 60% or 70% american have their information hacked into. number two, as you pointed out this is a fairly easily hackable system it was a low end security violation and frankly not only does it appear equifax was not on guard on the front end but by understanding is the recovery site has gotten known as a ruv e vulnerabilities in it and in terms of being responsive and many consumers are not able to access that information. >> and senator, if you put in the six last digit of your social security and request that, i think it is the free one year of credit monitoring elizabeth warren and your colleagues have said that it bans you from participating from a class action lawsuit in order to get the one year protection because of maybe the
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failure on some part of their systems, you are now barred from entering into a class action lawsuit against the company, companies website calls it a cyber security incident. what do you make of equifax's spro response >> this is why all as consumers, got to read the fine prints. this is one of those hidden arbitration clauses that cfbb was looking at this administration have been trying to cut back on that this is the kind of abuse that we need to be concerned about. i also think that ongoing forward basis, i think there are questions about liability but before we get this, i got to look back at me and my colleagues for three years, i have been trying to get a national data breach standard in place. we got 49 different data breach laws around country. >> what does that mean exactly,
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senator? >> it means there will be standards around transparencies and consumer notification. >> how about standards in terms of protecting the information in the first place. >> it tries to elevate standards. what happens oftentimes and i am the chair of the cyber caucus and i breathe deep in this stuff. you have oftentimes this case is not so much because we know where the vulnerability was and where the breach took place. often times, you may have entities verses financial institutions all are pointing al each other of who's responsible for reporting and notifying consumers and you got a total "work" with 49 different state laws all conflicting with each other. a national standard would bring about some or better transparency it is no going to fix though, the ultimate challenge here. we got all of us as individuals
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and as companies have got to beef up their cyber security standards. the fact that equifax is used as you mentioned, data is the new oil. a company that prided itself of so souls and services as a way to protect your protection, they were sloppy in their cyber protection >> should it be this big and having much access this much in the first place? >> you know we look at equifax with the amount of data they have and there is been stories of the last couple of days about facebook in terms of rush what probe and activities of facebook selling ads. you think of the way we use data and seocial media, any time we interact with these systems, we add more enterprises. it gives them more oil and data.
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i am a business guy, i believe in business being successful we are in a brand new world here of vulnerabilities around cyber, i don't think business, government or frankly most individuals are fully thought there through. >> we are thinking about it now, senator mark warner. >> i don't know about the metaphor frankly >> keep using it if you want >> the other issue that we talktal talked about earlier is the cfo, two days after they learned of the breach. >> the company says -- i don't believe so but regardless, even if it were, the issue is he does not know according to the company. the company says he sold not knowing that this issue occurred they don't say that explicitly
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the cfo was on the borard of the company. the board was not notified of that many days of a massive data breach that affects -- half the population of the country? >> i think that's going to be a huge question. >> that's a corporate governance and how do they elevate these things quickly and the people need to know about this them so they can take action >> all the kinds of businesses would have the financial security, credit burreau is number one to me michelle, when we talk about size >> no, it was ty >> if a bank owns half of american's deposits, i guarantee you congress will set up a tick. you got a company owning and trans union and experian are similar. they have all these data about us and we don't know what they got.
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you cannot reach them on the phone and you can submit one free credit report a year, i guarantee if you order these, a lot of these are incorrect you will find a mistake. you will find a mistake and if not numerous ones. it was a cyber security incident and it is disappointing for our company. i got news for the ceo it is disappointing for 143 million people who so security number is being sold in the black market because it is a number that we cannot change it is your number. >> you cannot change your password >> what's your number there, say it on the air? >> you almost got me [ laughter ] >> side notice a serious day i went to college with a guy who he is social security is all one's. >> this is something that we have not gotten into of all this segment of what to do next call up each credit agency and
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put a freeze on your account anybody wants to access your file so if a credit card company getting a notice if somebody wants to open an account, they cannot just access, they can get your permission. >> i disagree with that. >> i have done it. i got hacked >> i will tell you what, it is a good advice and i will say this. i did it and every time i want to charge anything, my credit card got shut off. for $12 i have to approve it okay, should we just go back to cash >> have you? >> i have, largely >> absolutely. >> speaking of cash, oil market is closing for the day lets go to don chu, he's at the cnbc's desk. >> we got oiling setting down here >> also, i want to point out,
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guys, a lot of this have to go with possible demand construction concerns as refineries are trying to get online after hurricane harvey and now you got the florida situation developing we have two developing stories right now as we wrap up on friday the exxon mobile refinery that was shut en in during harvey two big headlines from those refineries, guys we'll send it back to you >> thank you very much don chu florida is preparing winds fof for 150 miles per hour how folks are preparing on the ground, that's next. [pony neighing]
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welcome back to "power lu p lunch. i folks here ata savannah are working way before that. they are securing 24 shipping container cranes, loading
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everything up and getting the ship out of here by tonight. getting 1200 employees out here. no more commerce, i am talking about walmart and target and amazon and caterpillar, just to name a few the governor here ordered evacuations, half a million of people of east of i-95 to get out. our path was totally clear, i-95 north, not so much melissa. >> thank you, diana olay an update now from our samantha who evacuated to orlando, it is great to have you with us. you think about places like south florida and people don't
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live there all year round and there is a lot of cranes to build new buildings. what's the potential damage as you see it >> there is about 20 to 25 cranes right now in midowntown miami. they can wind stand 145 miles per hour winds now, do i want to test these no these developers are smart, they want to make sure things are wi withstanding hurricanes come and it is going to happen and we are prepared >> what happens to real aestate prices after storms like this. they no longer want to invest hurricane zones? >> well, lets just say this. we have the most international money coming in nationwide this year of 49% last year, the top three states, california, texas and florida, natural disasters
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are right there. you have earthquakes in california and hurricanes in texas and florida. to say that prices are going to go down and people are not going to buy, that's not the truth there will be people that don't want to weather another storm and maybe someone who's new and says hey, i want to buy a place in florida and they see this, there is a lot that comes with it you need to take in your furniture and put up the shutters and do all of these things and you hope for the best after all is said and done you make sure if you are apart of this to take pictures and videos of all of your contents and be ware of what you have before and after >> if you are an investor look to buy or before the hurricane, what would you advise them >> these buildings are built with solid products. they are going to continue to raise the levels of these products i think that if you are looking to buy right now, miami is still
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a great deal with or without the hurricanes, it is a great deal >> will it be a better deal after the hurricanes >> will there be i would be lying if i said that people are not sitting on the sidelines waiting to see, you know what's going to happen and try to buy after to happen andn trying to buy after, that that's the truth, burks again, i still think that there owes stale huge demand i mean, there's 101 new construction or under construction buildings that are going to be built, so, you know, miami is still alive and strong and will continue to build. >> samantha, thank you >> thank you >> we've got a news alert from morgan brennan in orlando. morgan >> reporter: hey, melissa. as we just got news that walt disney world in orlando will close down due to him ark. the orlando theme park here a few miles from where i stand is going to close early on saturday and reopen tuesday at the earliest also, that visitors were also
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cancelling planned trips due to hurricane fears so disney grows a growing lives other attractions and theme parks in the area including seaworld and universal studios owned by comcast, cnbc's parent company also closing down as this hurricane moves closer to florida. back over for you. >> morgue answer, thank you very much disney world shutting down well, meantime, the u.s. dollar index sitting near a two northamp year low. how do you make this trade we'll find out on trading nation that's "x. ♪ ♪ (bell rings) ♪ (screeching tires)
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we deliver super-fast internet with speeds of 150 megabits per second across our entire network, to more companies, in more locations, than at&t. we do business where you do business. ♪ ♪ we do it every day so let's do it today and talk dollars the u.s. dollar index hitting a new 20-year low. you're a currency guy. what's wrong with the u.s. dollar, boris? >> everything. >> severing wrong, real everything, that's your answer, everything >> you asked me what's wrong with it. the market sentiment right now is so negative dollar for a whole host of reasons. the hurricanes a rig part of it because if we get a massive move and orlando for me will be the
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much bigger hi in it goes through orlando it will create nick damage. very hard to imagine that the sped going to raise rates by the end. year in that kind of environment so the market is feeling very negative towards u.s. monetary policy and will be very accommodative because of all of these shocks add to that the fact that you have north korea blowing off another icbm this woke yemd. we're so sold off, and on the underlying part of it the economy is actually doing quite well if we walk away from this relatively unscathed in this hurricane there's a relief rally in the make and we're oversold grossly in the dollar. >> severing wrong with the dollar erin gibbs, do you agree with that, or do you believe the doll aaron decks will bounce back >> i would say there's three points the two main points that buyers made, worries about the fed not raising rates in december and worries about north korea shifting to other currencies i think the third thing is one that the european central bank just raised their forecast for
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their gdp, and a lot of that dollar index is actually the u.s. dollar, euro exchange that has just hit three-year lows so it is about the european zone recovering much farther than the u.s., the euro appreciating farther than the u.s you've actually seen this not just in the past two would exand even over the past nine months so i think that combination of the three, and particularly as long acts eurozone is outpace the u.s. and in economic activity, we might continue to see a decline until it switches. >> erin and boris, thank you both very much appreciate it. for more trading nation go to tradingnation president >> a very busy show and week lots to talk about check, splees next and now the latest from and a word from our responsor. >> using limit orders is using a good idea but in low volatility markets consider setting your buy limit orders much closer to
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the market price low volatility is associated with rights markets and trying to buy on a kip caofn ten cause to you miss the trade all together if you really want to trade the market, just use a market order.
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people don't invest in stocks and bonds. they don't invest in alternatives or municipal strategies. what people really invest in is what they hope to get out of life. but helping them get there means you can't approach investing from just one point of view. because it's only when you collaborate and cross-pollinate many points of view that something wonderful can happen. those people might just get what they want out of life. or they could get even more.
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time for check, please we cbs discussing this equifax data breach. >> based off an open source platform which has had reported problems for the past few months. >> which is used by more than
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half the s&p 500 companies which raises another question. are there other vulnerabilities at other companies out there >> i'm so obsessed with why didn't such a senior member of the board snow until afterwards. the cfo. thanks for watching "power lunch." >> "closing bell" starts right. >> good luck if you're in the storm's path this weekend. good friday afternoon, everybody, and welcome to the "closing bell. i'm kelly evans at the new york stock exchange. >> and i'm bill griffeth right now hurrican irma is hitting cuba and the bahamas as it takes aim at florida in what could produce devastating damage throughout that state as has been warned by various officials. we'll hear from the mayor of miami beach in just a moment on how well prepared that city may be to deal with this massive storm. >> and florida attorney general pam bondi will join to us explain what steps the state is making to crack down on pric


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